NBP Signs MoU with UNDP to Facilitate Young Entrepreneurs under PMYP

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ISLAMABAD, Aug 31 (APP):National Bank of Pakistan (NBP) signed Memorandum
of Understanding (MoU) with United Nations Development Program (UNDP) to
facilitate young entrepreneurs to find access to affordable finance under Prime
Minister Youth Business Loan Scheme.
Up to 200 young Pakistanis aged 21-45 who have participated in vocational
and business training provided by the United Nations Development Programme (UNDP)
will receive access to affordable credit to develop small businesses through a
partnership with the National Bank of Pakistan (NBP) as part of the Prime
Ministers Youth Business Loan Scheme.
A memorandum of understanding to this effect was signed between Neil Buhne,
UNDP Resident Representative; and Saeed Ahmed, NBP CEO and President to increase
awareness and access to finance for youth under the Prime Minister Youth Business
Loan Scheme said a press release issued here.
“Harnessing the drive and energy of young Pakistanis is critical to
building a vibrant economy and a peaceful, prosperous society,” said UNDP
Resident Representative.
“By ensuring that qualified young men and women from traditionally
marginalized communities have access to finance and economic opportunity, we can
promote inclusive and sustainable economic growth that benefits everyone in
society.”
Under this two-year partnership, past and present participants in UNDP
training programmes will be invited to information sessions conducted by NBP and
provided support to apply to the Prime Minister Youth Business Loan Scheme.
If successful in their applications, they will be eligible for subsidized
loans of up to Rs. 2,000,000, in order to help them establish or grow their
businesses.
So far NBP has disbursed 17,758 loans worth Rs. 17.8 Billions to young
entrepreneurs across the country. Information sessions will be held in Peshawar,
DI Khan and Bannu in Khyber Pakhtunkhwa, Quetta in Balochistan, and Karachi in
Sindh.
UNDP provides demand-driven skills, business development training and job
placement services to vulnerable youth in deprived and conflict prone areas.
These have included over 8,000 youth trained to work in the Karachi garment
industry, over 500 of whom have established small businesses; more than 1,000
trained in southern Khyber Pakhtunkhwa, and 3,500 provided business management
training in FATA.
UNDP is also working with the Governments of Balochistan, KP and Sindh to
develop small and medium enterprises and youth entrepreneurship through training
and mentorship programmes.
Leila Khan, Chairperson Prime Minister Youth Program appreciated this
management of NBP and UNDP for this joint venture aimed at the socio-economic
development of youth.
She said, “It is high time we provide appropriate opportunities to our
youth for vocational training and financial inclusion, in order to build a
socially vibrant and economically stable society.
The trained and empowered youth is a true asset of Pakistan. We at Prime
Minister Youth Programare determined to provide hand holding at every stage to
create an empowered nation”.